Are you struggling with brand loyalty?
Often we get so caught up with acquiring new customers we can forgot to maximise the low hanging fruit. It actually costs 5 to 7 times more to acquire a new customer than to retain an old one. Are you putting enough effort into retaining your existing customers?
Hi everyone. I’m Jodie, I’m the MD at Tiny Hunter, and today I’m thinking about brand loyalty, because I think we can all be guilty of thinking about acquiring those new customers when we should be showing a little bit of love to how we are nurturing our existing customers. Because it costs 5 to 7 times more to acquire a new customer than to retain an existing one.
I want you to think about these questions. Are your customers transitioning from that first purchase into repeat purchase? And what are you doing to encourage that next step in the journey? What is your retention rate currently? Are your customers recommending you to other people? That is always a really great sign in terms of the fact that people are loyal to your brand and they’re advocating for you. There’s nothing better than that. And are they engaging with your content? Are they engaging on social media, email marketing?
These things are all really important to see that you are developing a relationship with your customers. If you can take some time to think about some specific things that you can do that you aren’t doing now, in terms of nurturing your current customers, and then you put in consistent effort, you will see a huge impact.
That’s it from me, it’s time for brekkie.
Written by: Jodie de Vries
Published: August 23, 2023